WHAT IS THE BLOCKCHAIN USED FOR?
The blockchain is like a universe in constant evolution, that we can define as “internet of value” because it allows to exchange value with the same simplicity with which we exchange information.
Since the beginning it was used as a framework to create and exchange digital currency, the cryptocurrency, an option to the traditional fiat currency such as Euro and Dollar.
The first cryptocurrency was Bitcoin, then many others followed.
Today the most famous ones are Ethereum, Ripple, Monero, Litecoin, etc, every one of them with specific characteristics. In particular, Ethereum introduced animportant novelty, the implementation of “smart contracts” that represent a new and important feature: the programmability.
The potentialities of this technology were firstly understood by the financial world, which previously considered it as a threat, but then implemented it for various projects. Than, it has been followed by many other fields, such as:
In the insurance field, the blockchain allows to program automatic refunds in case of train and flight delays.
Many distribution chains focus on the blockchain for the traceability of the food chain, in order to guarantee transparency.
The logistics field uses the blockchain to trace the routes of the goods around the world in order to share data with the different interacting companies. This contributes to the reduction of the costs and it accelerates the shipping time.
The fashion industry uses the blockchain to trace the origin of the materials, to certify authenticity and to prevent forgery.
In the certification field the blockchain is used because of the impossibility to falsify the stored data. In this way, it is simple to certificate the education level or any other document.
The world of videogames uses the blockchain for the transactions between the players, acquisitions and exchanges for the game’s customization.
In the accounting field the blockchain is used by the people who have the access keys for confidential information.
In the legal field the blockchain is used to store public and notary documents, and even the management of taxes and bills.
Another implementation is the identity protection, which allows to practice the voting power in a safe manner.
But we are only at the beginning, because these applications have been conceived with the performance limits and programming difficulties of the first blockchains…
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